Alliance Capital Executives Resign

NEW YORK -- Alliance Capital Management Holding LP said two of its top executives resigned over their involvement in agreements to allow improper trading of the firm's mutual funds. Alliance also acknowledged a "high likelihood" the firm will face sanctions and penalties related to arrangements permitting "market timing" of its funds.

With the resignations, Alliance joins a parade of fund companies that have ousted senior officers amid investigations by New York Attorney General Eliot Spitzer and the...